Aberdeen firm EC-OG (East Coast Oil and Gas Engineering) has secured more than £1 million of external investment from Castle View Ventures and the Scottish Investment Bank, the investment arm of Scottish Enterprise.
The investment follows the announcement of a £1.2 million research and development grant from the High Growth Start-Up Unit in December 2015.
EC-OG, formed in 2013, has developed a subsea power generation system known as the Subsea Power Hub (SPH). The SPH provides localized electrical power directly to remote subsea locations. It converts ocean currents into renewable power to reduce operating costs.
The investment will be used to accelerate the growth of the company by focusing on the commercialization of the SPH, which was due to undergo trials at the Underwater Centre in Fort William, Scotland this summer. The firm will also be looking to expand, with an estimated 14 new jobs.
The subsea power hub concept consists of three vertical axis turbines, each connected to direct drive DC power generators, and in turn batteries to store power, all housed in a no more than 7m-footprint, 2m-high over trawlable frame.
One unit can produce about 500w, according to EC-OG, with additional units to be daisy-chained if additional power is required. The hub will also have an intelligent energy management system to get the maximum life out of the battery.
Richard Knox, Managing Director of EC-OG, said: “After being a finalist in the 2016 Offshore Achievement Awards in March, it is with great pleasure that we can now announce this substantial seven figure funding boost from Castle View Ventures and the Scottish Investment Bank.
"This investment forms part of the continued support from Scottish Enterprise, where the High Growth team in particular has delivered personalized support to promote domestic and international growth here at EC-OG. The investments from Castle View Ventures and the Scottish Investment Bank are concrete votes of confidence in the strategy of EC-OG and will allow our rapid growth to continue. We’re building a future where power supply and distribution costs are substantially reduced. Our Subsea Power Hub is at the heart of this next generation of subsea systems which we will shortly deliver.”
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